KeyBank Provides $16.6 Million in Financing for Affordable Housing in Pittsburgh
KeyBank, through its Community Development Lending & Investment (CDLI) unit, provided $16.6 million in financing in March 2018 for a multiphase redevelopment project in Pittsburgh’s Fineview neighborhood. The project, known as Allegheny Dwellings Phase I, involves replacing existing public housing with 65 new mixed-income units. The project will be developed through a partnership between TREK Development Group and the Housing Authority of the City of Pittsburgh.
What the Project Brings
The project is under construction and will take approximately 14 months to complete. Upon completion, there will be 47 affordable and 18 market-rate town home, walk-up and apartment-style units available to residents. The project will replace dated housing with newly developed safe and quality affordable housing options in Pittsburgh.
“This is an exciting redevelopment for Pittsburgh’s Northside neighborhoods,” said Trey Barbour, Senior Project Manager for TREK Development. “Our neighborhood partners and most importantly the residents of the Allegheny Dwellings community have worked hard to make this project a reality. The Housing Authority of the City of Pittsburgh, Urban Redevelopment Authority, TREK Development Group, City Real Estate Advisors and KeyBank have successfully collaborated in mobilizing the resources needed to create meaningful change for this community.”
KeyBank Supports Neighborhoods
“We are excited to participate in the development of affordable housing in Pittsburgh’s urban neighborhoods,” said Todd Moules, Market President for KeyBank. “This transaction is an important part of our bank-wide commitment to affordable housing and community development.”
The project is an important investment for KeyBank in the Pittsburgh affordable housing market, and is part of KeyBank’s National Community Benefits Plan, which includes $16.5 billion in investments across the communities it serves, including the Pittsburgh region. This community commitment is part of a comprehensive blueprint for steps Key will take during the next five years in all its markets across the United States.